0x Price Analysis - Stunning Performance by ZRX

0x price:

$0.23

Key ZRX resistance levels:

$0.25 $0.3

Key ZRX support levels:

$0.2, $0.15

*Price at the time of writing

0x Long Term Price Prediction: Bullish

During the week, 0x saw a stunning performance after showing strength, allowing the price to touch $0.264 yesterday with about +20% gains. Currently, the ZRX price is correcting loss of -4.23% due to the ongoing price drop, which shows that the market is running a technical retracement.

0x is now pinned on a $0.15 support, although the market looks bullish on the intraday trading. Following the latest drop in the market, the ZRX market may fall to $0.20 and $0.15 support. However, the market is waiting for a possible move. For the bull sides, the key resistance to keep in mind is $0.25 and $0.30.

As we can see, the ZRX trading is now caught inside a descending channel pattern considering the last 4 months of price variation. To validate a long-term bullish move for this market, there's a need for a significant rise above the channel.

The technical indicators are oversold at the moment. We can expect a fall back as soon as the price drops. For now, we should keep in mind that 0x is still bearish on a long-term.

0x Medium Term Price Prediction: Bullish

The 4-hour chart revealed an upward range for the ZRX market but the recent sharp movement in price is mostly followed by a sharp retracement to create a higher high and higher low pattern. Validating such a pattern, there's a need for a swing low to $0.22 support before we can consider a bullish continuation.

If the price of ZRX drives below the mentioned support, where the white line lies, the medium-term bearish trend may continue. However, the bulls have shown a strong commitment during the week. At $0.22 support, a potential bounce might cause the market to rise at $0.24 and $0.26.

The RSI is currently bullish on a medium-term, although the indicator is turning bearish. This shows that the supply is outweighing the demand. The Stochastic RSI has dropped to the extremely oversold area, indicating the slight price drop in the market. A positive climb should give the market a buying opportunity.

0x Short Term Price Prediction: Bullish

0x is looking bullish on the hourly chart. Meanwhile, the market has seen a slight drop to $0.232 - where ZRX is currently priced at. The market is still looking for a retest at the ascending trend line (white), meeting $0.22 support. Meanwhile, the market is currently indecisive.

For a bullish continuation, we can expect the price to hit the $0.25, $0.26 and above resistance. If the market further falls and drops beneath the white rising trend line, we can expect immediate support at $0.20 and $0.18. As we can see, the RSI indicator is currently diverging bearishly to signal a potential price fall, now slightly below the 50 level.

The Stochastic RSI is now revealed in a downward range, showing the last 12-hours decline. A bullish cross may bring back buying pressure in the ZRX market.